Microsoft announces it is laying off 18,000 workers

Microsoft has announced that it will be laying off 18,000 workers, which is around 14% of its workforce. Out of that number, around 12,500 will come from the company's newly acquired Nokia Devices and Services unit.

According to a memo from CEO Satya Nadella, the first 13,000 will be let go within the next six months. As a result of this lay off, the company will incur pre-tax charges of $1.1 billion to $1.6 billion for severance and related benefits costs and asset related charges over the next four quarters.

Nadella also said that as a result of these lay offs, there will be "fewer layers of management" and that the company will enjoy a flatter organization structure. Hit the link below to read Nadella's memo to the company.